#GoingGreen: UK’s Green Investment Bank plans Africa, India financing

A British government-funded bank which specializes in green investments has announced a new £200 million fund that will invest in parts of Africa and India.

The Green Investment Bank (GIB) intends financing renewable energy and energy efficiency projects in East Africa, South Africa and India.

The bank was created in 2012 by the David Cameron government with funding of nearly £4 billion to back green energy projects in Britain and to spur private sector investment in the low-carbon energy sector.

The international fund will involve separate funding.

“GIB will now begin the process of finalising the programme details and identifying suitable investment opportunities,” the bank said in a statement.

“All investments will be announced publicly, in line with GIB’s existing commitment to transparency,” it said.